Akzo Nobel net profit up 1 per cent at Rs 77 crore in Q1

BL New Delhi Bureau | Updated on: Aug 05, 2022
Rajiv Rajgopal, Managing Director, Akzo Nobel India

Rajiv Rajgopal, Managing Director, Akzo Nobel India

Total income increased 50 per cent to Rs 938 crore

New Delhi, August 5 Paint-maker Akzo Nobel India reported an over one per cent rise in net profit to Rs 77 crore for the quarter ending June 30, 2022. Net profit in the year-ago period was Rs 76 crore. Total income for the period increased 50 per cent year-on-year to Rs 938 crore.

A one-time tax provision reversal of nearly Rs 17 crore last year dragged down the comparative bottom-line numbers for the current quarter, an official statement said.

According to the Managing Director, Rajiv Rajgopal, metro and Tier-I towns continued to drive growth, while inflationary pressures were felt in semi-urban and rural geographies, that saw distribution-led growth.

“A demand uptick led by automotive, marine and protective and powder, resulted in robust double-digit growth across the coatings business,” he said, adding that the company continued to address a raw material increase and currency volatility with pricing actions.

Market sources say the paint-maker had also initiated a price hike for the June quarter.

Published on August 05, 2022
COMMENTS
  1. Comments will be moderated by The Hindu BusinessLine editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you